Chase Announces Enhancements to Jumbo Loan Program

Company to expand access to credit through loan guideline adjustments

August 05, 2015 09:30 AM Eastern Daylight Time

NEW YORK--(BUSINESS WIRE)--Chase today announced it is simplifying its jumbo loan product and
lowering FICO and downpayment requirements for those loans. A buyer with
a FICO of 680 or higher looking to purchase a single-family property can
now put as little as 15 percent down. Previously, single-family
homebuyers were required to have a minimum FICO of 740 with 20 percent
down payment.

“We want to make sure homebuyers can easily understand the benefits of
financing with Chase,” said Steve Hemperly, head of mortgage loan
originations.

Chase rolled out easy-to-understand guidelines for primary and
second-home loans, investment properties and cash-out finance loans.
Part of a firm-wide simplification process, the new loan guidelines
reflect Chase’s thorough analysis of market and borrower risk.

“Everyone in the home-buying process – from consumers to real estate
agents and mortgage bankers – can more easily understand how we can help
them close on a loan fast,” said Sean Grzebin, head of Retail Lending.

For more information, contact a Chase
Mortgage Banker today. Follow us @Chase on Twitter and Instagram,
and like us on Facebook.

About Chase

Chase is the U.S. consumer and commercial banking business of JPMorgan
Chase & Co. (NYSE:JPM), a leading global financial services firm with
assets of $2.4 trillion and operations worldwide. Chase serves nearly
half of America’s households with a broad range of financial services,
including mortgage and personal banking, auto financing, credit cards,
investment advice, small business loans and payment processing.
Customers can choose how and where they want to bank: 5,500 branches,
18,000 ATMs, mobile, online and by phone. Chase is the number two loan
originator and servicer and ranks among the best in both for customer
satisfaction by JDPower.